The Brazilian President said despite the potential growth of BRICS, it does not pose a threat to the G7. This as the bloc currently makes up 32% of the global economy's GDP while the G7 bloc has fallen below 30%.
JOHANNESBURG - Heads of state at the Brazil, Russia, India, China and South Africa summit have boasted that the five-member organisation has surpassed the purchasing power of the G7 countries, a sign of the growth and sustainability of the bloc.
The 15th annual BRICS summit which is an organisation of five emerging economies is currently being held at the Sandton Convention Centre. Da Silva said BRICS nations just want to organise themselves and provide an alternative to the established economies.
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